This consultancy study aims at:(a) finding the ideal model (s) for developing SEs that target
different groups of people; and (b) developing ways to encourage effective and appropriate …

… financial cycle considerations, which provides a new model to … the relationship between
financial cycle, business cycle and … Financial Intermediation and Credit Policy in Business Cycle …

… the Markov switching regression model is well suited to capture the distinct characteristics of
the loss ratio under different cycle … Similar to business cycles, underwriting cycles consist of …

… The first mechanism depends on the efficiency of financial intermediation, (ie, the fractiº of
saving absorbed to PaY for inancial intermediation services). The second mechanism works º …

… to attract financial intermediation activity and to direct the ultimate allocation of international
savings. … smaller foreign tax credits, perhaps in response to the state of the business cycle. …

… In Section 2, we focus on rationales for the existence of diversified financial intermediaries.
Optimal deposit and interbank lending contracts, and their implications for bank runs and …

… monetary policy through the Business Cycle is opposite of … Financial Cycle. The impact and
transmission speed of the Global Financial Cycle is far greater than that of the Business Cycle…

… demand for external finance and thus a high level of financial intermediation. In contrast, the
… (bank), the ratio of claims by financial intermediaries to the private sector to GDP. Private …

… the degree of financial constraints). Using the regime switching regression model, this study
empirically tests the proposition derived from the above theoretical financial constraint model…

在现有DSGE 文献中, 考虑金融变量的状态变化的建模还相对较少. 本文通过构建包含金融状态
和货币政策范式转变的DSGE 模型, 为分析金融状态变化和货币政策反应规则之间的关系提供了…